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A Sharp Pullback in U.S. Apartment Deliveries Is on the Way;
Most Metros Will Add Manageable Blocks of New Supply
Active development has moved past peak. Multifamily completions climbed in 2024 to the highest level in decades at approximately 520,000 units. At the same time, construction starts have slowed notably throughout the year. While projects spanning more than 66,000 doors broke ground in the first quarter, by the July-to September period, that tally had fallen to 36,000. This is a sharp contrast from the 2001–2022 span, when more than 100,000 units were starting per quarter. Ongoing development is now well past its cyclical peak as a result, setting the stage for a decline in deliveries, especially in 2026. Already, the country is anticipated to welcome 410,000 units this upcoming year, off sharply from 2024’s total. Near term completions are still substantial compared with the long-term norm, however, as annual new supply averaged 300,000 units for roughly a decade before spiking in 2023–2024.